Much of 2014 was a steady decline as both casinos reported lower revenues from slot machines, and less in the total amount wagered, each month. Matter of fact, much of the last five years has seen in a decline in revenue. Could last month have changed that trend for both Mohegan Sun and Foxwoods?
Connecticut’s two Indian casinos posted increases in slot machine bets in December, a rare spike. Foxwoods Resort Casino, owned by the Mashantucket Pequots, still reported a decline in the share of wagers known as revenue, to $36.2 million, down 4 percent, from December 2013. But total slot machine bets rose 3 percent, to $446.3 million.
The Mohegan Sun posted a 7 percent increase, to $49 million, in revenue, from December 2013. Slot machine bets last month totaled $600.4 million, up 5 percent.
The eastern Connecticut casinos have struggled for years as they faced rising competition in New York and Rhode Island. With more competition on the horizon from Massachusetts and more New York expansion, it seemed to be a dire situation. In addition, consumer spending declined during the recession and failed to fully return during the weak recovery.
Mohegan Sun CEO Bobby Soper said in a phone interview he believes that the results reflect a few variables: the weather was better in December 2014 than it was a year earlier; gas and oil prices are low and people have more discretionary income; and the Christmas and New Year holidays falling on Thursday extended weekends for casino visitors.
I’m sure they hope it lasts. With the warmest year on record globally last year, and an easy winter the next few months, CT’s casinos future will improve.
Thank you Santa.
That’s all for now.